Are Inaccurate Books & Financial Reports Holding You Back?
Unreliable financial data prevents smart decision-making and leaves your facility vulnerable to missed opportunities and financial blind spots.
Your General Ledger is the foundation of your financial health. When bookkeeping is managed manually or inaccurately, your financial reports become unreliable—making it impossible to understand your true financial position, identify cost-saving opportunities, or make data-driven decisions. Inaccurate GL entries, poor account coding, and delayed month-end closes also create compliance risks and prevent you from spotting problems early. Your facility deserves accurate, timely financial reporting that you can trust.
Data Entry Errors
Manual data entry has an average error rate of 1%, which can lead to thousands of dollars in misreported financials and poor business decisions.
Delayed Month-end Closing
Facilities with delayed month-end closes average 23 additional hours spent on financial analysis, data gathering, and retrospective corrections.
Clean Books. Accurate Reports. Complete Financial Clarity.
LTCPro's Bookkeeping & General Ledger services bring precision, control, and clarity to your facility's financial foundation. We manage your complete accounting infrastructure, ensuring your books are clean, your month-end close is timely, and your financial reports are always accurate and actionable.
Maintaining an accurate and comprehensive General Ledger (GL) is fundamental for the financial stability of long-term care facilities, including Skilled Nursing Facilities (SNFs) and Assisted Living Facilities (ALFs). LTCPro’s General Ledger Services ensure precise financial reporting and compliance with regulatory requirements. By managing all financial transactions effectively, facilities can gain valuable insights into their financial performance and make informed decisions. This level of diligence in financial management allows organizations to allocate resources efficiently and respond proactively to changing needs.
Our Bookkeeping & GL Services Include:
- General Ledger Management: Our team manages your full chart of accounts, posting all transactions and ensuring your GL is accurate and well-organized.
- Transaction Posting & Coding: We receive, code, and post all transactions—ensuring proper account allocation, GL coding, and audit trail documentation.
- Bank & Credit Card Reconciliations: We perform detailed monthly reconciliations, identifying discrepancies and ensuring your cash position is always accurate.
- Journal Entries & Adjustments: We prepare and post all necessary journal entries, including accruals, depreciation, and month-end adjustments.
- Month-End Close: We manage the entire month-end close process—bank reconciliations, balance sheet reconciliations, trial balance review, and final GL close—delivering your financial package on time, every time.
- Financial Reporting: We deliver a complete suite of monthly financial reports (P&L, Balance Sheet, Cash Flow, department reports) so you always know your exact financial position and can make informed decisions.
From Financial Chaos to Financial Clarity
Free Financial Review
1 We audit your current GL structure, chart of accounts, month-end close process, and identify opportunities for improvement and accuracy.
GL System Setup
2 We establish a streamlined chart of accounts, define GL coding standards, and create consistent month-end close procedures tailored to your facility.
Full-Service Bookkeeping Management
3 Our team takes over daily transaction posting, coding, reconciliations, and all monthly GL management tasks—freeing up your internal staff to focus on operations.
Timely, Accurate Financial Reporting
4 You receive your complete monthly financial package by the 10th of every month, guaranteed—including detailed reports, analysis, and insights into your financial performance.
General Ledger Services for Skilled Nursing and Assisted Living Facilities:
LTCPro offers a full suite of general ledger services tailored specifically for long-term care facilities. Our services include:
- A/P Closing: We manage the accounts payable closing process, ensuring that all invoices and payments are accurately recorded and reconciled at the end of each accounting period.
- Payroll Accrual: Our team handles payroll accruals to ensure that employee compensation is accurately reflected in the financial statements, even if the payment is made in a subsequent period.
- Standard Journal Entries Posting: We post standard journal entries to the general ledger, ensuring that all financial transactions are accurately recorded in accordance with accounting principles.
- Auto Reversing Journal Entries: We implement auto-reversing journal entries to simplify the accounting process for accruals and deferrals, ensuring that entries are automatically reversed in the following period.
- Additional Journal Entries: Our services include posting additional journal entries as needed to capture unique transactions or adjustments that may arise throughout the accounting period.
- Expense Accounting: We manage expense accounting to ensure that all costs incurred by the facility are accurately recorded and categorized, providing insights into spending patterns.
- Fixed Asset Accounting and Management: LTCPro oversees fixed asset accounting, including tracking asset acquisitions, depreciation, and disposals, ensuring compliance with accounting standards.
- Accounts Reconciliation: We conduct regular reconciliations of accounts to ensure that all financial records are accurate and discrepancies are promptly addressed.
- Bank Reconciliation: Our team performs bank reconciliations to ensure that the facility’s financial records align with bank statements, identifying any discrepancies and resolving them efficiently.
- Cash Application and Balancing: We manage cash application processes to ensure that all cash receipts are accurately applied to the appropriate accounts, maintaining accurate financial records.
- Cash Flow Analysis: LTCPro conducts cash flow analysis to provide insights into the facility’s liquidity and financial health, helping management make informed decisions.
- Funds Flow Analysis: We perform funds flow analysis to track the movement of funds within the facility, providing a clear picture of financial operations.
- Financial Analysis: Our team conducts comprehensive financial analysis to evaluate the facility’s performance, identify trends, and support strategic planning.
Benefits of Partnering with LTCPro for General Ledger Services:
- Improved Financial Accuracy: Our meticulous approach to general ledger management ensures that all financial transactions are accurately recorded, reducing the risk of errors.
- Enhanced Compliance: Our expertise in accounting standards and regulations helps your facility maintain compliance, minimizing the risk of audits and penalties.
- Informed Decision-Making: With accurate financial reporting and analysis, management can make informed decisions that support the facility’s strategic goals.
- Increased Operational Efficiency: By outsourcing general ledger services, your staff can focus on resident care and other essential tasks, improving overall productivity.
Long Term Care General Ledger Reports and Analytics:
To support effective decision-making and financial management, LTCPro generates a variety of essential general ledger reports, including:
- Trial Balance: A summary of all account balances, providing a snapshot of the facility’s financial position.
- Balance Sheet: A detailed report of the facility’s assets, liabilities, and equity at a specific point in time.
- Statement of Operations: A comprehensive report detailing revenues and expenses over a specified period, highlighting the facility’s operational performance.
- Management Reports: Customized reports designed to provide insights into specific areas of financial performance, supporting management decision-making.
- Net Income Report: A report summarizing the facility’s net income over a specified period, providing insights into profitability.
- PPD Comparison Reports: Analysis comparing PDDs and revenues, helping identify trends and areas for improvement.
- Budget to Actual Statement of Operations Report: A comparison of budgeted versus actual financial performance, highlighting variances and supporting financial planning.
- Special Reports for Banks: Customized reports prepared for banking institutions to support financing and compliance requirements.
- Summary Analytical Statement of Operations: A high-level overview of operational performance, providing insights into key financial metrics.
- Month Wise Comparison – Statement of Operations: A comparative analysis of monthly statements of operations, helping identify trends and performance changes over time.
At LTCPro, we are committed to providing exceptional General Ledger Services tailored for long-term care facilities. Our comprehensive approach, expert team, and dedication to excellence make us the ideal partner for your general ledger needs.